Just thought I would start a new topic as the previous was getting a little long.
U.S. pickup truck sales boomed in April, contributing to double-digit sales gains at Detroit auto makers as improving home construction spurred new-vehicle purchases by contractors and tradesmen.
Chrysler Group LLC said Wednesday that sales of its Ram pickups rose 49% in April from a year earlier, while Ford Motor Co. F +3.13%said its F-series truck sales jumped 24%. At General Motors Co., GM +3.02%combined sales of its Silverado and GMC Sierra climbed 23%.
Overall, industry sales for April rose 8.5% from a year earlier to 1.285 million cars and light trucks, according to researcher Autodata Corp.
Most people buy a car with the goal of getting as much out of it as possible before trading it in. MarketWatch's Jim Jelter discusses five cars Americans are most likely to trade in sooner than planned. (Photo: Getty Images)
For the Detroit auto makers, a resurgence in demand for trucks especially among contractors in the home building industry has been long-awaited. Full-size pickups are big moneymakers for the companies, producing margins that can be as much as 10 times that of a sedan, some analysts estimate.
Rich Savino, the owner of All American Ford in Old Bridge Township, N.J., said his dealership's F-series truck sales are up a "spectacular" 74% this year through April, with tradesmen replacing old trucks as new home developments pop up.
"I am getting the contractors coming in and expanding their fleets," said Mr. Savino. "This is the start of it. When the trades and contractors are coming in and complaining they can't hire enough people—that kind of stuff to me is a better indicator of the direction we are going" than other economic indicators.
Interesting. I always was impressed by Washow, but perhaps he wasn't as good as we thought, or maybe it was just bad fortune. I recall being excited by the contracting for the chance to speed up the implementation of newer ACO products and techniques that would make everything more cost effective.
Since we talked about these 58 subsidiaries in Feb., it sounds like they are starting to address them a little. From this Qs conference call they made these comments.
So I think we're investing and kind of grouping the product areas appropriately for growth and we've taken a very sort of detached analytical look at some of the businesses that we've been in. And we've made some significant cuts. I mean, we got out of the paper business. We got out of contracting business. We're closing all these offices in Europe. Those things are not easy when you're emotionally attached to them. But I think we've been doing a pretty good job in addressing those kinds of issues.
Back when I had a real job, I know Lilly shut down for 10 days around the Christmas holiday. We did some major renovations in a short time slot. I also remember the auto plants used to shut down for a couple weeks during the new model transitions in the summer. Same idea, we would go in and work around the clock for 2 weeks. They may have smoothed that out in recent years.
Gee, I think of retail seasonality, but I didn't realize it had an effect on production scheduling (except in China and is it August in Western Europe). I had learned the start of deer hunting season has an impact in parts of Pennsylvania.
Sounds like March was the culprit:
North American auto makers built 1,374,374 light vehicles in March, down 3.0% from year-ago, including 613,068 cars and 761,306 light trucks.
Part of the reason for the decline was the Easter holiday falling in March, cutting the number of production days at most plants compared with last year, when the holiday was in April.
Despite the decline, production of 3,994,991 units through 2013’s first three months was up 1.1% from first-quarter 2012.
Just happened to come across a video about the South Africa metal casting mine. If you search for AMCOL International Corp on YouTube there are many videos uploaded by the company. Some for training and some for general company information. Interesting overviews.
I suppose Amcol could outperform their peers this quarter, but they haven't really done that very often lately. Q1 should be out around Apr. 25 or so.
Thanks. From their CC, the CEO had a fairly reserved outlook.
As part of our ongoing operating process, we recently conducted an extensive market analysis. Included in the process are market research and analytics, customer visits and extensive supplier discussions. And what we realized is that the metalworking-related sectors have been particularly hard-hit relative to others. We've seen it in heavy industrial manufacturer and distributor comps. We've heard it extensively in discussions with our supplier community. We've seen it firsthand in our customers, and we've seen it in leading metalworking activity indicators. We've also heard that our share gain performance remains as strong as it's always been.
While there are certainly pockets of growth like commercial aerospace and automotive, the core of metalworking, segments like primary metals, machinery metal fabrication and others, is soft, softer than what's reflected in the broader ISM figures, which reflect an average across many industries.
They talked about this during the conference call.
As described in the Current Report on Form 8-K that AMCOL filed January 25, 2013, as amended February 1, 2013, our Audit Committee, upon the recommendation of management, determined that our audited consolidated financial statements for the years ended December 31, 2009, December 31, 2010 and December 31, 2011, and our unaudited consolidated financial statements for the quarter ended March 31, 2012 needed to be restated due to certain errors in our previously issued financial statements. We also concluded that our financial statements for the year ended December 31, 2011 and the three months ending March 31, 2012 should no longer be relied upon and thus we will file an amended Form 10-K for the year ended December 31, 2011 and an amended Form 10-Q for the quarter ended March 31, 2012 as soon as possible.
Pending the completion of the restatement of AMCOL’s previously issued consolidated financial statements, AMCOL is unable to complete the preparation of its Annual Report on Form 10-K for the year ended December 31, 2012 (the “2012 Form 10-K”). The 2012 Form 10-K will be filed as soon as practicable after the completion of the restatement process.
Thanks Algo. It looks like his non-compete was only for a year. I always thought his departure was a little abrupt. The retirement PR was short and to the point and the 8-K seemed a little terse even for those boilerplate docs. Sure seems like he could be an asset to Oil Dri and a problem for Amcol. Another grrr.....
Oil Dri is a competitor. Washow wasn't forced out of ACO or anything, was he?